UBS downgraded Charles Schwab Corp. (NYSE: SCHW) from Buy to Neutral but raised its price target from $15 to $17.

The firm comments, "SCHW is up significantly so far this year on spikes in certain interest rates and positive industry flows into equities. While we continue to view SCHW as one of the best fundamental stories in financial services with a multi-year investment horizon, we believe sentiment has gotten a bit ahead of itself. Recent moves in interest rates will not improve fundamentals materially and we are not convinced about broad-based re-risking into equities. We also believe the upcoming business update could disappoint a bit (expenses/limited benefits from recent rate moves)."

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